Page 199 - Finance News
IIFL Finance raises Rs 1,271 crore through rights issue to fund biz growth
The decision to raise capital through a rights issue was made following the RBI's ban on March 4, which prohibited the NBFC firm from disbursing gold loans due to supervisory concerns
 "IIFL Finance raises Rs 1,271 crore through rights issue to fund biz growth")
RBI urges NBFCs to maintain constant vigil against potential risks
Swaminathan said that NBFCs are highly exposed to a slew of risks which can affect their financial and operational status like cybersecurity and other risks
 "RBI urges NBFCs to maintain constant vigil against potential risks")
IIFCL targeting for zero net NPAs for FY25, says MD PR Jaishankar
The state owned company has sent its comments to RBI on draft infra financing rules
 "IIFCL targeting for zero net NPAs for FY25, says MD PR Jaishankar")
Rupee appreciates 4 paise to 83.47 against US dollar in early trade
Forex traders said with foreign investors buying US dollars and the Reserve Bank of India (RBI) selling the greenback, the USD/INR pair is expected to remain range-bound
 "Rupee appreciates 4 paise to 83.47 against US dollar in early trade")
Public sector banks' total profit jumps 35%, crosses Rs 1.4 trn in FY24
Out of the total profit of Rs 141,203 crore earned during the FY24, market leader State Bank of India (SBI) alone contributed over 40 per cent of the total earnings
 "Public sector banks' total profit jumps 35%, crosses Rs 1.4 trn in FY24")
Quant Money Managers gets RBI nod to acquire up to 9.98% in RBL Bank
Stake can be acquired through various schemes by mutual fund subsidiary of the investment management firm
 "Quant Money Managers gets RBI nod to acquire up to 9.98% in RBL Bank")
Bullish case for the rupee's rebound dented by RBI's intervention fears
RBI's objective is to prevent outsized moves in the rupee in either direction, said Michael Wan, senior currency analyst at MUFG, adding that this would limit the rupee's upside
 "Bullish case for the rupee's rebound dented by RBI's intervention fears")
India's move to buy back bonds runs into RBI's need to keep tight stance
Last week, the monetary authority accepted bids for about a quarter of the 400 billion rupees ($4.8 billion) of bonds the government offered to repurchase
 "India's move to buy back bonds runs into RBI's need to keep tight stance")
Tata Capital, 14 other NBFCs surrender their registration certificates: RBI
Nine Non-Banking Financial Companies (NBFC) have ceased to be legal entities due to amalgamation, merger, dissolution, or voluntary strike-off
 "Tata Capital, 14 other NBFCs surrender their registration certificates: RBI")
Non-residents allowed to open margin accounts for derivative contracts
The move by RBI is expected to enhance efficiency in managing margin obligations
 "Non-residents allowed to open margin accounts for derivative contracts")
RBI imposes penalty on Sundaram Home Finance, Belstar Microfinance
The RBI stated that Sundaram Home Finance failed to conduct periodic updates of KYC for certain customers within the prescribed time frame
 "RBI imposes penalty on Sundaram Home Finance, Belstar Microfinance")
Forex reserves jump by $3.66 billion to $641.59 billion, shows RBI data
The overall kitty dropped $2.412 billion to $637.922 billion for the previous week ended April 26
 "Forex reserves jump by $3.66 billion to $641.59 billion, shows RBI data")
Punjab National Bank seeks to close institutional share sale in 6 mths: CEO
Punjab National Bank's board had in December approved a Rs 7,500 crore ($898 million) fund raise through equity capital
 "Punjab National Bank seeks to close institutional share sale in 6 mths: CEO")
Rupee stable; oil firms' dollar buys, 'nervous' equities cap upside
Traders expect the central bank's interventions will keep sharp declines in the rupee at bay
Rupee aided by dip in US yields, while election uncertainty weighs
Worries over the Indian election results, due on June 4, have prompted foreigners to take out money from equities, pushing the benchmark Nifty 50 index to a three-week low
 "Rupee aided by dip in US yields, while election uncertainty weighs")
NPCI to delay payments market cap by two years, helping PhonePe, Google Pay
NPCI, which has a regulatory mandate from the central bank, announced the 30% cap in 2020 but later extended the deadline by two years to the end of 2024
 "NPCI to delay payments market cap by two years, helping PhonePe, Google Pay")
RBI's advisory will not affect Manappuram's business, says MD & CEO
The RBI recently advised NBFCs extending gold loans not to lend in cash exceeding Rs 20,000, citing the Income Tax Act
NPCI may defer market cap deadline for UPI payment platforms by 2 years
Eight months left for the implementation deadline, the National Payments Corporation of India (NCPI) may be favouring growth over concerns about market domination
 "NPCI may defer market cap deadline for UPI payment platforms by 2 years")
Fitch affirms ratings of Axis, ICICI banks on supportive working conditions
Fitch Ratings has affirmed India-based Axis Bank and ICICI Bank's Long-Term Issuer Default Rating (IDR) at 'BB+', the global agency said in two separate rating commentaries
 "Fitch affirms ratings of Axis, ICICI banks on supportive working conditions")
Rupee appreciates 8 paise to 83.44 against US dollar in early trade
Forex traders said a negative trend in domestic equities and foreign fund outflows weighed on the local unit and restricted the up move